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Tasweek Plans to Create $250 Million Real Estate Portfolio
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09.30.2009 |
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DUBAI -- Tasweek Real Estate Marketing and Development, an Abu Dhabi-based property adviser and solutions provider, has announced that it plans to create a real estate investment portfolio worth $250 million, featuring key Dubai and Abu Dhabi projects within the next 18 months.
"We plan to acquire properties in free zones and investment zones in Dubai and Abu Dhabi over the next few months. We have already begun acquiring properties using our own funds. We are ready to a steady start and are confident that we can raise the total amount we need mainly through the support of our shareholders and potential investors," said Masood Al Awar, Chief Executive Officer, Tasweek Real Estate Marketing ?and Development.
"We have already identified some strategic locations and we are aiming for an asset structure comprising a mix of commercial, residential and retail investments," he added.
Among the locations being eyed by Tasweek are Dubai Marina, Jumeirah Beach Residence and DIFC in Dubai and Reem Island, Al Raha Beach, and Building Material City in Abu Dhabi. The targeted acquisitions are expected to generate a return on investment of at least 10 per cent. The company will focus on transactions that can expand its core competencies of networking and professionalism and will decide on buying single units, complete floors or even projects at the opportune time. Tasweek recently signed management and marketing consultancy MoU with independent management and technology consulting firm RQ Associates Ltd. and strategic marketing, communication and training consultancy IK Consult Ltd.
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Source:www.zawya.com |
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